Chrysler 2001 Annual Report Download - page 30
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2001, compared with 10,255 million euros in 2000, for a
decrease of 5.6% due to lower volumes in the automotive
Sectors.
Teksid (Metallurgical Products) reported sales of 1,752
million euros in 2001 (-6.5% compared with 2000), reflecting
lower sales volumes on the NAFTA market and the effects of
streamlining of the business portfolio, which led to reduced
activity in the Cast Iron segment, in contrast with greater
commitment to the Aluminum and Magnesium segments.
Magneti Marelli (Components) reported revenues of 4,073
million euros, down by 8.5% from 2000. On a comparable
consolidation and exchange rate basis, the decrease would
have been 5.2% due to lower volumes caused by weak
demand, particularly towards the end of the year.
The Production Systems Sector, which is headed by
Comau, posted revenues of 2,218 million euros for the
year. The decrease of 9.1% from the previous year was
influenced by the slowdown in the United States automotive
market, with a significant contraction in activity at Comau
Pico. This contrasted with a steady level of activity in Europe
and expansion in Comau Service maintenance activities.
FiatAvio revenues totaled 1,636 million euros (+9.7% on
2000), maintaining high levels of activity in the commercial
aviation segment, which has not yet suffered significant
consequences of the crisis triggered by the events of
September 11, 2001. Furthermore, sales of derivative
aircraft engines adapted to generate power in the United
States increased, as well as revenues from government
procurement contracts, with the first deliveries being made
on engines for the new Eurofighter 2000.
❚Among the Sectors operating in the Services area:
Toro Assicurazioni continued to grow, as it has for the last
several years. A total of 5,461 million euros in premiums
were written in 2001, representing an increase of 25.2% with
respect to 2000. This improvement was partly due to the
consolidation of Lloyd Italico, a recently acquired group that
is primarily active in the casualty insurance business, and the
consolidation of Augusta Assicurazioni. On a comparable
basis, the increase in premiums written would have been
14% thanks to strong volumes both in Italy, with major growth
in the life insurance business, and in France, where growth
showed an opposing trend with respect to the market.
Itedi revenues totaled 347 million euros, down slightly (-2%
on 2000) on account of weakness in the advertising market.
Business Solutions, the Services Sector that started
operations at the beginning of the year, posted revenues
of 1,805 million euros in 2001. The transfer of the activities
of Fiat Engineering to the Sector compensated for the loss
of revenues from Fenice in the second half, after its sale in
connection with the Italenergia transaction.
The volume of activity generated by non-captive clients
represented over 40% of Sector revenues.
Gross Operating Result
The gross operating result was 8,152 million euros for
the year, compared with 8,594 million euros in 2000. As a
percentage of revenues, it declined from 14.9% in 2000
to 14.1% in 2001.
For Industrial Activities alone, this ratio declined from 15.9% in
2000 to 14.9% in 2001, mainly due to intensified competitive
pressure on sales prices in Europe, which did not allow certain
Group Sectors to offset the inflationary trends of industrial
costs and the higher costs associated with increased product
content. The industrial synergies of CNH and Fiat Auto made
a positive contribution.
2001 2000
(in millions of euros) Revenues Revenues % change
Automobiles (Fiat Auto Holdings) 24,440 25,361 (3.6%)
Agricultural and Construction Equipment (CNH Global) 10,777 10,770 0.1%
Commercial Vehicles (Iveco) 8,650 8,611 0.5%
Metallurgical Products (Teksid) 1,752 1,873 (6.5%)
Components (Magneti Marelli) 4,073 4,451 (8.5%)
Production Systems (Comau) 2,218 2,440 (9.1%)
Aviation (FiatAvio) 1,636 1,491 9.7%
Publishing and Communications (Itedi) 347 354 (2.0%)
Insurance (Toro Assicurazioni) 5,461 4,363 25.2%
Services (Business Solutions) 1,805 n.a. n.a.
Miscellanea and eliminations (*) (3,153) (2,159) 46.0%
Total for the Group 58,006 57,555 0.8%
(*) The item “Miscellanea and eliminations” includes for 2000 the operating results for the Rolling Stock and Railway Systems Sector that was deconsolidated as of August 1, 2000.